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INR Settles Flat With Focus On GDP Data

Published on Feb 29, 2024 17:07

The Indian rupee on Thursday settled flat at 82.91 (provisional) against the US dollar, as the support from lower crude oil prices and a weak greenback against major crosses overseas was offset by sustained foreign capital outflows. The dollar index that measures the greenback against a basket of currencies was quoting at $103.71, down 0.19% on the day. US data yesterday showed the U.S. economy grew by slightly less than previously estimated in the fourth quarter of 2023, raising optimism the Fed can cut rates sooner. Besides, a positive trend in equity markets provided a cushion to the domestic unit. The benchmark S&P/BSE Sensex rose 195.42 points, or 0.27 percent, to 72,500.30 while the broader NSE Nifty index settled 31.65 points, or 0.14 percent, at 21,982.80 on eve of monthly F&O expiry. Meanwhile, investors were also cautious ahead of the domestic GDP data to be released later in the day.

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